Benefits and steps to choose a niche market
Niche marketing is knowing how to find a small market segment, specific, but potentially profitable, to design and sell products aimed at him. But what happens when you’re everything to everyone?
The result is obvious. More promotional costs, less focus because they know who to target your products and downtime.
Unless you are Walmart (Walmart works and large-scale niche), your energies should be directed to the unique approach of a segment to increase sales opportunities with less effort and money.
Consider the benefits of choosing a niche market
1. Lower costs
When we know what market we serve, we direct our promotional resources and our energies to it. For example:
Realtor:
Market: Single mother looking for their first home.
Age: from 33 to 36.
Revenue: Between $ 45,000 and $ 50,000 annually.
Area: A radius of 50 kilometers.
With this information invested in promotion in a national newspaper? “Invest in a club of married women? Instead, you could invest in some leaflets to speak her language with specific messages to attract it.
For example:
Invest in a classified advertisement in a national newspaper. Suppose it costs $ 100 but you only get three calls. Now suppose you invest $ 100 and hand out pamphlets in the child care center where there are single mothers with those revenues. Which is more effective?
2. Better results
Keeping the example of the real estate agent, if we focus on a niche the results are more striking. For example:
The single woman with children seeking their first home. We report on our promotions the pleasure of having your first home, the security of a roof to give their children, the pride of owning and admiration of others because they achieved what many want. See the difference? However …
When we are all in all, the messages are more generic, dry, no personality and no voice.
3. Less effort
I have a friend who presides over a magazine. It is divided into three markets and its efforts are greater because by failing to define their niche investing energies looking for a solution to declining results. Without distinction of voice and approach, the costs to attract customers are larger, whether monetary or mental.
If you define your niche, may be closer to them, ask and know what they want and deliver a magazine that speaks your language. One that makes the reader feel part of it. That’s brilliant marketing!
4. Fidelity Market
When you speak your language and you listen, you are compensated by more business, new customers and word of mouth marketing. A string where the costs come down, introduce more products and services and incomes rise. Example:
Single women with children: You sell a magazine or monthly newsletter on real estate. How to decorate, how to choose the best insurance, store discounts on products and services they need …
Satisfy your needs in different areas, expand your business to others, establishing strategic alliances with other businesses to continue to serve their needs … In short, the sky is the limit when you define a small niche and serve it like the big ones can not.
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